In recent months, it’s become more and more difficult to think long-term and to follow best practices. Much of the business landscape seems uncertain and keeping company goals in alignment is harder than ever. Sometimes, making smart business decisions isn’t as simple as it sounds.
Luckily, there are ways to counteract this and keep yourself ahead of the curve. Whether you’re looking to measure results for your entire organization or are considering a restructure of your performance reviews integrations, there are three important keys to making smart business decisions that will stick.
1. Use clear goal-setting.
Whether you’re tracking key results in real-time or you’re having each team member track their individual goals, there’s always the potential to incorporate stronger goal-setting. Often this is done through OKRs. OKRs (objectives and key results) are the framework for developing a more cohesive strategic plan for your business. A simple OKR will be clear, manageable, and timed so you can review its progress. There are company-level OKRs and individual strategic objectives for advisory roles, senior leaders, and fellow directors. An OKR management tool can help you track your progress that much more easily.
An OKR tool allows you to apply the OKR goal-setting framework and track its performance in near real-time. You can set organizational goals, follow economic growth, and achieve stronger motivation from your team members. These simple OKR integrations can make a massive difference in your overall workflow. If you haven’t considered OKR software before, it can change how you view business decisions.
2. Understand your audience.
When Mark Wiseman was announced as a new chair of AIMCo, the company knew exactly what it was doing. Mr. Wiseman is well regarded for his expertise with a pension fund or private equity fund and the Alberta Investment Management Corporation wanted to capitalize on his storied resume to help them make a decisive leap forward. Mark Wiseman has a reputation in the industry and his fellow directors understood that the AIMCo audience would resonate with much of what Mr. Wiseman had to say. It’s a strategic plan, to be sure, and there are various organizations that shouldn’t take such a big swing to connect with their audience. However, when done right, it can work.
Of course, understanding your audience isn’t always just about hiring people that your consumers enjoy. Sometimes, it means changing your brand’s messaging. Other times, it means looking for the best platform to share your stance on the global financial crisis, economic policies, and current events. Using your business as a platform to connect with your audience can inform your decision-making process much more than you might realize.
3. Create a contingency plan.
Whether it’s recommended by a senior advisor or another member of the advisory council, it’s always a good idea to have a backup plan. As more controversial financial news comes out, it’s important to leverage a backup work policy to ensure ongoing stability and security. This could take the form of an employee performance management software platform to conduct performance reviews and develop backup plans. It could mean promoting a new senior executive or senior managing director who’s in charge of oversight. It could simply be developing a Plan B, Plan C, or something beyond that. If the last year has taught entrepreneurs anything, it’s that agility and flexibility are paramount in the current business climate. Just make sure any policy changes are available through an internal memo.
Whether you’re using an OKR software tool to develop company OKRs along with the OKR framework or you’re making strategic hiring choices to help your next Chief Executive Officer resonate with your audience, there are always steps you can take to ensure you’re making the best possible business decisions.